12.22.2008

SEC recently entered panic mode

Talking Points Memo reports that the Securities and Exchange Commission has completely panicked in response to the Madoff revelations.

The source said that one associate director in the enforcement division had in recent days ordered junior staff to review every case that's been closed over the last few years, to ensure that violations weren't missed — as they appear to have been in the 2006 investigation of Madoff. "There's a real paranoia around here," the source added.

That paranoia — or at least extreme concern — apparently extends to commission officials in Washington. The source said that since the Madoff allegations came to light last week, SEC brass had sent out numerous emails warning staffers not to destroy documents relating to the case — which is being investigated both by SEC enforcement and by the FBI. There have also been several warnings not to speak with the press, the source added.

Elsewhere, TPM reports that SEC Chairman Chris Cox "…in many ways worked to dismantle the SEC," Ed Nordlinger, a former longtime enforcement director in the commission's New York office, told TPMmuckraker. 'He slowed everything down. I don't think he believed in heavy regulation.'"

Dare to believe, Chris!

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